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Should Real Estate Investors Hire A Property Manager Or Do It Themselves?

When you have a rental property, it’s natural to wonder whether you should hire a property manager or do it yourself? If you have other things going on in your life, such as a full time job or a family, it’s probably best to hire a professional property manager. While doing it yourself might seem like an attractive option, hiring a professional to care for your investment property brings you a lot of advantages.

For starters, a professional property manager can do a thorough tenant screening. On your own, you might not have the resources that a professional property manager has. It may be difficult for you to check an applicant’s credit report, run a full background check including a criminal history and talk to current and previous landlords to get accurate references. Screening tenants is the most important part of being a landlord. If you don’t get a high quality tenant into your property, you are bound to be faced with lots of problems down the road.

Ongoing maintenance takes time, money and patience. Ask yourself if you are willing to take phone calls from tenants at 3:00 in the morning, over the weekend and even on holidays. When something happens at the property that requires immediate attention, you’ll need to respond right away. When you hire a property manager, you have someone who can do routine inspections and field any emergency repairs. You won’t have to meet vendors at your rental property or touch up the paint and the carpets between tenants because your property manager will handle all this for you.

Finally, a property manager can take care of all your finances and accounting. This includes everything from collecting rent, searching for the most cost effective plumbers, electricians and other contractors, and keeping careful records of what income you earn as a landlord and what expenses you pay and then provide you with profit/loss statements. This is extremely important for you at tax time.

Managing your own property is a great idea if you are able to stay current in landlord and tenant law and you have the time and expertise to invest in your rental home. Otherwise, you should always hire an expert property manager. A stress-free property investor is a successful one. The guy who decides to do it himself inevitably ends up regretting it down the road.